Business Course: Pricing & Record Keeping
1 Day: Saturday, November 4th, 2023, 9AM-1PM
Tuition: $65
Free for SBWI Members, Wood Design Students & Alumni
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Ages: 16 & Up
Instructor: Luke Barnett
Instructional Delivery Method(s): In person
Prerequisites: None
Program Level: Beginner, Intermediate, Advanced
Program Description:
Figuring out your pricing can be overwhelming and emotionally charged. Before you set prices on your products, ask yourself what you want to earn from your artistic business. Regardless of your income target, it’s important to your business planning to know how much you’re spending. Knowing what it costs to produce your work can give you a foundation for setting prices. Learn how to calculate your costs using indirect and direct costs to determine overhead. Make your own equation to meet your goals taking into account consistency, competitiveness and profitability. Learn about the psychological aspects of pricing, and how that affects perceived value.
Learn how to track revenues and expenses, make informed projections, and gain a clearer understanding of your artistic business finances. Choose an artwork registry that works best for your system. Learn what records to keep and why, and for how long. Use a budget to determine where and how you spend money, get more out of the money you have, and achieve your goals. Learn about financial reports like income statements, balance sheets, and monthly cash flow.
Learning Objectives:
Learn how to determine your income goals and calculate business costs
Learn about the psychological aspects of pricing
Learn how to track revenues and expenses, make informed projections, and gain a clearer understanding of your artistic business finances.
Learn what records to keep and why, and for how long
Learn how to make a budget and financial reports
Attendance Requirements: Students must attend all days
Location: Sam Beauford Woodshop, 1375 N. Main St, Building 41, Adrian, Michigan 49221
Class Size: Maximum 30
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If you have any questions, please contact Dena Koehn at dena@sambeaufordwoodshop.com or 517-759-3070.